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Must you wait for a Roth conversion?

Q. I understand that Roth IRA conversions will be allowed soon. But my fiancé and I will each have less than $100,000 in income this year. Can I convert to a Roth for 2006? J.T., Madison, Wis.

A. Not likely. You won’t be able to convert funds in a traditional IRA to a Roth IRA if your combined adjusted gross income (AGI)—assuming that you’re marrying this year—for 2006 exceeds $100,000 (the same threshold for unmarried filers). It appears that you may have to wait until 2010, when the new tax law will allow anyone to roll over a traditional IRA into a Roth. (RR, 6/12/06) Of course, you can convert to a Roth in any year before 2010 if you can lower your joint AGI for that year to $100,000 or less.

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